Frequently Asked Property Tax Questions
A number of factors go into determining your yearly property tax rate:
- The annual budget for Township services; which includes things like funding Police, Fire and Ambulance Service, Roads, Sidewalks, Parks, Infrastructures, Library, and all Township programs and services;
- Provincial taxes (to fund education);
- Your property value which is assessed every four years by MPAC.
Check out this short video about residential property taxes: acknowledgements to City of London!
The Municipal Property Assessment Corporation (MPAC) – a Provincial Crown Corporation conducts Ontario property assessments.
Property values are typically reassessed every 4 years. In 2016, MPAC reassessed properties across Ontario and these assessed values apply from 2017 to 2020. Based on the reassessment, assessment increases are introduced over 4 years to provide greater stability and predictability.
As part of the Ontario Government’s Ontario Economic Outlook and Fiscal Review on November 4, Peter Bethlenfalvy, Minister of Finance and President of the Treasury Board announced the province’s decision to once again postpone a province-wide property assessment update due to the pandemic.
The 2020 tax year was the last year in the current 4-year assessment cycle, based on 2016 CVA. As a result of the Ontario Government’s continued postponement of the Assessment Update, both the 2022 and 2023 tax years will continue to be based on January 1, 2016 current values. This means property assessments remain the same as it was for the 2021 tax year, unless there have been changes to your property.
Although the valuation base year remains the same, the assessment roll may still change from 2021 to 2022 due to changes in the state and condition of properties.
- There was a change to a property such as an addition, new construction or renovation.
- MPAC assessed a structure on a property for the first time.
- There was a change to a property’s classification.
- All or part of a property no longer qualifies as farmland, conservation land or managed forests.
- All or part of a property no longer qualifies to be tax exempt.
Note: Property assessment values may increase or decrease for a variety of reasons including changes in economic conditions, structural alterations and re-zonings. Details concerning the assessment process and information on the assessed value of your home and neighbouring properties can be accessed at the MPAC website.
As this overview indicates, property assessment is a key component of municipal tax systems. However, the MPAC notice you received last year does not automatically increase or change your property taxes.
The bottom line is the Township of Larder Lake does not get one more dollar from the MPAC property reassessment. Property reassessment is a redistribution of who pays the municipal tax bill based on the value of the property owned – it has no effect on the overall tax amount collected.
Assessed Value x Tax Rate (for the Property Class) = Property Tax
A municipality determines its budget requirements each year. If the average value for the properties increases, the tax rate decreases to keep the same amount of property tax levy.
Reassessments have no impact on the total property tax amount a municipality raises.
Reassessments only affect the way the tax levy is allocated among the various properties and property classes.
You can pay your property taxes on-line through most financial institutions by searching in the payee/vendor tab for Larder Lake.
We are available to help set residents up with Pre-Authorized Payments (PAD) as an alternative payment method.
We also except payments in person of Cash, Debit and Credit Card.
Telephone payments can be made via Credit Cards.
PLEASE NOTE: Because of the high fees associated with credit cards, the Township is charging a 3% fee for any credit card payments.
An interim tax bill is mailed out at the end of March with instalments due the:
Last business day of April and May
A final tax bill is mailed out at the end of August with instalments due the:
Last business day of August and September
Keep your information up to date so you receive your property tax bill on time and avoid late penalties and interest charges.
Submit mailing address changes in writing by fax, email, mail or in person.
Include the following information in the written letter:
- Property Address
- New Mailing address
- Daytime Phone Number
Applications for property tax rebates for commercial and industrial vacancies and charitable organizations that are tenants in commercial properties is the last day of February 2019.
Information on both these programs is available through the links above or at the Municipal Office.
Penalty/interest of 1.25% is charged on taxes due and unpaid on the first day of default and the first day of each month thereafter.